Problem $7\mathrm{.}16$

Accounting with sales journal and purchases journal GST version

Toby$$s Traders Ltd uses sales and purchases journals in its accounting system. The following transactions occurred during April $2025.$

Required

$($a$)$ Complete the requirements below, assuming that the business is registered for the GST$.$

i$.$ Establish all necessary general ledger accounts, accounts receivable subsidiary ledger accounts, and accounts payable subsidiary ledger accounts. Use the following account numbers: Accounts Receivable, $1200$; GST Receivable, $1300$; Accounts Payable, $2200$; GST Payable, $2300$; Sales, $4100$; Purchases $5100.$

ii$.$ Enter the transactions for April in the appropriate special journals.

iii. Post the data from the journals to the general ledger and subsidiary accounts.

iv$.$ Prepare a schedule of the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger as at $30$ April to prove that their totals are equal to the balances of the control accounts.